Items filtered by date: Friday, 24 August 2018

Samsung has addressed recent rumors which suggested that the company might enter the automotive business as a player.

It currently makes technological components for cars that are used by many manufacturers.

The rumors suggested that Samsung would actually get into the business of making cars by acquiring a manufacturer.

The company has denied it, saying it has no plans to do something like that.

The rumors stemmed from a recent announcement by the company that it would invest over $160 billion in four key future growth areas.

Business Insider

Published in Engineering
South Africa’s state-run power utility Eskom expects to have 7,000 less staff from now, a senior manager at the utility said on Thursday.
 
Marion Hughes, who made this known in Johannesburg, said the job cut would be done in the next five years.
 
Eskom employs 47,000 people and has powerful labour unions, some allied with the ruling ANC and others more militant.
 
The unions have said they would resist attempts to cut the workforce and fight moves to privatise the company, which is struggling to emerge from a financial crisis.
 
 
Source: VOA
Published in Engineering

Following the two-day holiday declared by the Federal Government to celebrate this year’s Eid-El-Kabir, the stock market resumed on Thursday on a positive note as equities investors gained N198 billion.

The domestic bourse had recorded a bearish performance on Monday as the market capitalisation shed N219 billion to close at N12.66 trillion before the holiday.

But the market rebounded on Thursday as the benchmark index of the Nigerian Stock Exchange (NSE), All-Share Index (ASI), rose by 157 basis points to close at 35,206.16 points from 34,663.48 points recorded on the first trading session of the week.

Specifically, the market capitalisation appreciated to N12.85 trillion from N12.65 trillion, while the year-to-date losses of the ASI stood at 7.99 percent.

However, market breadth weakened as 25 stocks declined as against 11 that gained. The volume of stocks traded at the exchange rose by 0,1 percent, while the value of the stocks fell by 20.59 percent.

A total of volume of 210.71 million stocks valued at N2.53 billion were exchanged in 3,287 deals as against total of 220.49 million stocks worth N3.19 billion traded in 3,054 deals on Monday.

Wapic Insurance was the highest gainer today rising by 8.82 percent to close at 37 Kobo per share. Veritas Kapital Assurance trailed with 7.69 percent gain to close at 28 Kobo per share, while Dangote Cement appreciated by 6.98 percent to close at N230 per share.

Dangote Flour garnered 6.49 percent to close at N8.20 per share, while Oando rose by 5.26 percent to close at N5 per share.

On the other hand, Livestock Feeds led the laggards by shedding 9.84 percent to close at 55 Kobo per share. Red Star Express followed by dropping 9.65 percent to close at N5.15 per share, while Jaiz Bank lost 9.43 percent to close at 48 Kobo per share.

Equity Assurance depreciated by 9.09 percent to close at 20 Kobo per share, while Secure Electronic Technology fell by 8.70 percent to close at 21 Kobo per share.

United Bank for Africa emerged the most traded stock as total turnover hit 54.33 million volume of shares valued at N436.11 million. Zenith Bank followed with a volume of 25.99 million shares worth N571.42 million, while FBN Holdings recorded a volume of 14.19 million shares valued at N138.64 million.

 

Vanguard.

Published in Bank & Finance
Agricultural, manufacturing and the sectors considered as growth and employment stimulating, can now borrow long term as much as N10 billion at consolidated nine per cent interest rate under new guidelines issued by the Central Bank of Nigeria.
 
The new credit policy called Guidelines for Accessing Real Sector Support Facility (RSSF) through CRR and Corporate Bonds was released by the CBN today.
 
And it marks a big departure from the excruciating interest rate regime of 25-30 per cent that has been blamed for stifling enterprises in the country.
 
The CBN acting Director, Corporate Communications in a statement on Thursday in Abuja said the new directive aimed to increase the flow of credit to the real sector; agriculture and manufacturing.
 
He said that Deposit Money Banks (DMBs) would henceforth be incentivised to direct affordable, long-term bank credit to the manufacturing, agriculture, as well as other sectors considered by the Bank as employment and growth stimulating.
 
He said also that Corporate, Triple-A rated companies would be encouraged to issue long-term Corporate Bonds (CBs).
 
He said that a CBs Funding Programme had already been put in place to enable the CBN and the general public invest in the CBs.
 
Furthermore, Okorafor said the Bank had put in place another programme under the Differentiated Cash Reserves Requirement (DCRR) Regime.
 
He said under the programme, banks interested in providing Credit Financing to new and expansion projects in the real sector could request for the release of funds from their Cash Reserve Ratio (CRR) to finance the projects.
 
Making further clarifications, Okorafor said that the tenor for the Differentiated CRR would be a minimum of seven years with a two-year moratorium.
 
For the Corporate Bonds programme, he said the tenor and the moratorium would be specified in the prospectus by the issuing corporate.
 
He said also that the maximum facility would be N10 billion per project and facilities were to be administered at an Interest rate of 9 per cent per annum.
 
Okorafor therefore advocated for a total compliance with the guidelines by stakeholders.
 
He also reiterated CBN’s determination towards the encouragement of projects that would further enhance Nigeria’s import substitution strategies.
 
The guidelines followed the recommendation of the CBN Monetary Policy Committee (MPC). At its 119th meeting held between 23 and 24 July, the MPC emphasised the need to increase the flow of credit to the real sector of the economy, to consolidate economic recovery.
 
 
Source: NAN
Published in Bank & Finance
  1. Opinions and Analysis

Calender

« August 2018 »
Mon Tue Wed Thu Fri Sat Sun
    1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31